ConAgra Foods, Inc.

On July 25, 2007, the SEC filed a settled civil enforcement action against ConAgra Foods, Inc. alleging it had engaged in improper and fraudulent accounting practices during its fiscal years 1999 through 2001. According to the complaint, the company misused its reserves to manipulate reported earnings, and improperly and prematurely recognized revenue at its former subsidiary. The SEC also alleged that ConAgraís tax department made numerous tax errors, causing the company to improperly account for tax benefits and understate its income tax expense. For more information about the SECís action, you can read Litigation Release No. 20206 (July 25, 2007).

As part of its settlement with the SEC, ConAgra agreed to a permanent injunction and to pay $45,000,001 in disgorgement and penalties for distribution to harmed investors. On November 17, 2008, the Court approved the establishment of a Fair Fund and the appointment of Rust Consulting, Inc. as Fund Administrator. On June 22, 2009, the Court approved the plan of distribution.